You might ask what is Payoneer? Well, it is a payment provider that works completely online, allowing not only to receive and send payments globally but also works as currency conversion. Being aimed at Currency conversion, business payments, and recipes it is a little bit different from exchangers.
Whether it is Upwork, Amazon, or Fiverr, Payoneer works incredibly with other e-Commerce, rentals, advertising, and such industries. Being a digital marketer, it becomes essential to obtain a Payoneer account for reliability in the market, but sometimes, you quite don’t need the services.
Therefore, here we have a Payoneer Review to help you with this incredible service and check whether it’s worth it or not?. So, let’s hop right into the details!
- Broader workability, present in more than 200 countries
- Individual customer support is available
- Payments without Tax between accounts of Payoneer
- You can request payment from clients individually
- Custom Invoices available
- Reasonable currency exchanges with few fees
- Higher transaction fees on Credit Card
- No Gateway of Payment
- Various fees can add up
We have already defined in our Review of Payoneer that it is best focused on freelancers, service or product marketplace, professionals, businesses, and Digital Marketers.
Because of their broader audience and workability, they provide currency conversions, integrations, direct solutions to payments, support worldwide, and have around more than four million users.
Clearing these things out, there might be several questions in your mind like When it does and doesn’t work? How does it work and How much does it cost? How fast is it? Is the money even safe? And much more. So, we will be discussing these in detail in our article on Payoneer Review.
Essential Points of Payoneer
When does it work?
Everything has good and bad, making it suitable for certain audiences and not so much for certain others. The same is the case with Payoneer but that doesn’t make it a bad service provider. Yes, it is one of the best services out there but it simply doesn’t work for everyone. So, you might ask, What does it work for?
Yes, Payoneer works for online sellers and if you are a seller, providing services online, then you need to accept payments from the marketplace of e-commerce for the goods you sell. In that case, this review points towards a beneficial side.
Same as above, Payoneer Review holds its good side for Freelancers or providers of specific services. In this case, you are getting paid from clients, which are present everywhere globally, needing currency conversions and a marketplace that works without any hurdles. So, in a marketplace like Upwork, Fiverr, Freelancer, and PeoplePerHour, Payoneer is an exceptional option.
In case you need to get paid for goods or specific services and being a small businessman you need easy conversions, then Payoneer holds an edge on international transactions, providing exceptionally useful.
If you are sending larger amounts in mass to another area in the world, then Payoneer is great. Being a competitor to PayPal, their services are exceptional for business use specifically.
When it doesn’t work?
Besides its working capabilities defined in our Payoneer Review, you need to know when Payoneer isn’t a really great option. Here we will discuss a bit about why it’s not a good option for certain people.
If you are sending money or receiving it between friends, family, or such that you need to pay from a prepaid debit card, then Payoneer payment solutions are the best idea for you.
This is because of the reason that Payoneer accepts only the transactions that are business-based. So, it is only about the payments and nothing else!
Payoneer comes with a limitation on transactions. for-Payment requests or made by another Payoneer user, there is a limit of around 15000 US Dollars, 15000 Euro, and 15000 GBP for the Credit Card payments.
In the case of e-check, the limit is also 15000 United States Dollars. But, when it comes to payment from other Payoneer customers, the limit is around 100000 United States Dollars monthly.
So, Payoneer is not so reliable for people who are using it as a means of sending large business payments!
How does it really Work?
Most people ask in Payoneer, how does it work? Well, Payoneer is relatively very simple to use and also to sign up. Here we have basic steps to let you in this amazing service.
- Go to the Payoneer Website and click on the button saying Sign Up.
- You will have to choose from two options, personal use or Professional. The choice is totally yours.
- Enter the personal details needed like phone, name, address, etc.
- Enter a suitable password, choose the answer to security questions, and enter your username, and such.
- Confirm the account by simply clicking a generated link on the email used.
- There are still two more security questions that the Payoneer Account may ask you.
- Furthermore, after all, this is done, Payoneer will go for a check on credit, verifying your identity and it can take around one to two days or more.
- Finally, when identity is complete, you are free to use your Payoneer Account.
If you want to receive funds using Payoneer then you can check these two points in this Review;
- Getting paid by a client? You can simply make a payment request and send them. It is an email that has all the payment details and options. The funds will directly go into your account after a few days.
- If you want to get paid by bank transfer, there is a receiving account provided by Payoneer that works in the bank locally. Not only does it mean you can receive various currencies in your nearby bank but also makes the payment come directly to your local bank.
These are the visible options, but certain special options are related to business payments and such.
Making a payment:
On the other hand, when you want to pay another Payoneer user, there is no such fee and it can be sent within minutes. But if you want to send payment to a person without Payoneer, then you can send their bank details and the payment can be done through your Payoneer account.
Cost of Payoneer:
Account opening is completely free of cost but to make you better understand the structure we have the following points;
It is completely free of cost.
Paying Service provider:
e-Check requires 1 percent cut, credit card requires 3 percent cut, and local bank transfer costs 1 percent cut. There is an option of whether you want to pay or the recipient.
When it comes to receiving, things get a bit complex and there are two ways to this;
Customer Payment receiving: In case you are using the billing service to receive your payment then there are different fees like e-check costs 1 percent fees and credit card costs 3 percent fees.
Global Payment Service: If you have enabled Global Payment Service then there will be no fees for GBP, CAD, AUD, JPY, EUR, MXN. While for USD there will be a 1 percent fee cut.
How Fast is Payoneer?
Well, most people ask this question and quite honestly, it depends on the service. Payoneer to Payoneer is without any delay and goes instant, but when there is a non-Payoneer in between, it takes a bit longer.
Local and Global, withdrawal takes two to even five working days. But within the US it takes two to three business days.
Safety of Payoneer:
Inside this Payoneer Review, we will be answering the most asked question, which is concerning the safety of Payoneer. To the point, the answer is Yes, Payoneer is safe to use and is legit.
It is registered as an MSB and certified as a PCI Level 1 Data security standard. There are various procedures for safety and ensuring payment is securely sent or received. There is a separate IT staff that looks after the services in case of any faults, which have been none except 2 or 3 in these years
Payoneer is the best choice known to small businesses, freelancers, and even professionals who want a rather simple yet effective and easy-to-use solution for their payments. There are no hurdles in making an account, applying for debit cards, transactions, and such. While you can use it anywhere without worrying about currencies because it exchanges them on delivery.
But problems start appearing when you mistake it for a large service provider that handles extra large payments. Yes, it is made professionally, but only to make the public freelancers, businessmen, and alike feel secure or comfortable with payments. Therefore, it depends on you what you are looking for in a service provider.
But concerning Payoneer and its worldwide usability, it is amongst the best services out there. Hope you like the article and it helped you make a mind on whether it is for you or not!
1 thought on “Payoneer Review! Everything you need to know in 2022”
Pretty section of content. I just stumbled upon your web site and in accession capital to assert
that I get in fact enjoyed account your blog posts.
Anyway I will be subscribing to your feeds and even I achievement you access consistently quickly.
Also visit my web-site … Fiverr Gig Favorite Exchange